Chinese insurance giant Ping An Insurance has announced plans to expand into the “smart education” sector with an investment in a leading online education platform valued at over USD$1 billion .
Ping An announced via its social media platform on 13 July that it would be investing an undisclosed sum in iTutorGroup – an online education platform founded in 1998 that provides language and mathematics tutorials via the internet.
Ping An said that it would work with iTutorGroup on the application of artificial intelligence (AI) technology to the education sector and the development of online education.
iTutorGroup underwent four funding rounds during the period from 2012 to 2018, including a series C funding round of approximately USD$200 million that valued the platform at over $1 billion, with key investors including Goldman Sachs, Silverlink Capital, the Russia-China Investment Fund and Singaporean state investors GIC and Temasek.
